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(e) The Development Corporation shall have received an opinion of the Development <br /> Corporation's Bond Counsel that the Bonds may be issued as tax-exempt obligations pursuant to <br /> the provisions of the federal Internal Revenue Code of 1986, as amended, and applicable <br /> regulations thereunder. <br /> Section 4. The proper officials of the Development Corporation are hereby authorized to <br /> take such further action as is necessary to carry out the intent and purposes hereof and to issue <br /> the Bonds upon the terms and conditions and for the purposes stated herein and in compliance <br /> with applicable provisions of law. <br /> Section 5. The Company is authorized to commence the Project and advance such funds <br /> as may be necessary therefor, subject to reimbursement for all expenditures, but only out of <br /> proceeds, if any, of the issue of bonds herein authorized. <br /> Section 6. It is intended that, as to the Project to be financed from the proceeds of the <br /> Bonds, this resolution shall constitute an official action of the Development Corporation within <br /> the meaning of Section 1.150-2(d) of the Treasury Regulations. <br /> The expenditures with aspect to which the Company reasonably expects to be reimbursed <br /> from the proceeds of the Bonds will be made from funds of the Company. No public funds will be <br /> used for the Project. <br /> -3- cnew,Au.DOC 95/01/24 <br />